A man bought a car newly for ₦1,250,000. He had a crash with the car and later sold it at the rate of ₦1,085,000. What is the percentage gain or loss of the man?
A
43.7% loss
B
13.2% gain
C
13.2% loss
D
43.7% gain
Verified Correct Answer: C.
Step-by-Step Mathematical Solution
Cost price of the car = N 1,250.00
Selling price = N 1,085.00
Loss = N (1250 - 1085)
= N 165.00
% loss = \(\frac{165}{1250} \times 100%\)
= 13.2% loss
Source: Myschool Past Questions Archive (Record #55368)